Flat Fee MLS
Posted in Alternative Business Models By chris cotto, Saturday, December 12, 2009.If you list with a typical 6% Realtor, and the property sells, you pay the whole 6%, even if the buyer is your neighbor and the Realtor didn't do anything other than put his sign in the yard and enter the listing in MLS. It gets worse - if you read the fine print in the typical 6% listing contract, you'll notice that you owe the entire commission if you want to cancel your listing early (perhaps because the agent didn't do anything), or if you lease the home without the agent's permission! The main reason so many sellers sign such contracts is that they never read them. http://www.salebyownermls.net
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Submitted by Alan Ellenbogen on September 4, 2010 - 5:27am.
Comment on “Typical 6% Realtor – deceptive Agreements”
Excellent point, and one that is the primary geneses of discontent among Sellers - after all the FSBO votes when they stick their "BY OWNER" sign on their lawn.
In today’s difficult market, discounting is prevalent which says that the Agent knows they are not providing a "compelling Marketing Campaign" to the Seller.
It is not 2007, and today there has to be new ideas and value added to the buyers on behalf of the Sellers, to really make a difference. So far it seems that surviving Agents are just getting more aggressive, some are getting out of the industry, getting "deceptive" Agreements signed, and continuing doings the P,P&P - (Putting a sign on the lawn, Posting it on the MLS and Praying) - the basic 2007 model that really doesn't work in 2010.
Any ideas??? All welcomed!
Alan Ellenbogen
Coldwell Banker Franklin Realty